Everyone wants to be the next Bill Gates or Steve Jobs. They say you never fly above your dreams and this seems like a pretty high dream to dwell in. I mean, if I were to be as rich as Gates, that would pretty much be a high summit.
They say life is a race and we are all required to make haste. This is so true though. Even Gates understood this when he quit school with his perfect Microsoft idea to found one of the world’s most prominent computer software.
But this was a perfect idea at a perfect time when computers needed software to function. It is important to note that not everyone can be as lucky as Gates. If you intend to build a successful empire, you need a lot of patience and insight.
If you run into the development of an investment with your funds and just blind speculations, be sure to run into the hangman’s noose and lose it all.
In this article I am going to list to the best of my ability, actions which haste and impatience in handling our business could introduce, resulting in us unknowingly choosing the noose.
This is the first step that rushing an investment plan would take. The idea would be a very bad unimpressive one. The funny part is that the inventor of such an idea wouldn’t even know because of impatient desires fueling him. Such individuals don’t have the patience to do their research properly.
They cook up the idea, believe it’s the next best thing, fail to run it through business inclined individuals or ask the right questions and begin funding immediately. Some ideas that seem wonderful to us might not appeal to the greater masses because each individual differs with diversified taste.
One more thing, not every idea is actually a bad one. Some ideas are just born too early in the particular region you plan to start up such investment. If the greater population in such a region is too blind to see the genius of your idea, it is bound to fail. So you either be patient enough to discover a region where it can be accepted, or wait for its era to be born in your region.
An example of this can be seen in the invention of PayPal by the present-day billionaire, Elon Musk. Musk said he relocated from South Africa to the United States because he believed dreams came through there.
He got to the USA on a student’s visa to attain his Ph.D., dropped out after two days, and months later invented the PayPal we know today. That idea wouldn’t have been a success in South Africa back then.
Have you ever been in a haste to get somewhere? You can recall the number of things forgotten at that moment, the plans to be executed which you forgot too.
Even in the exam hall, when told that time is almost up, you don’t function properly anymore and begin to forget solutions to some questions. This is also applicable to investments.
When you rush over your business plan, you omit some important pressure points that would have been incremental or decremental to your investment’s stability. Sometimes, we discover something worth implementing but decide to cut corners instead.
Business plans should be carefully drawn and everything should be properly monitored. Solutions should be properly drafted before application too.
when running a business, the fund is really needed to keep it going. But funding should be done properly. It is really important to always have a backup when spending, in other words, one should not put all their eggs in one basket.
In as much as we pour money for business growth, we should be sure we are not putting all we got into a product that can’t yield enough to recover our capital in the future. Some entrepreneurs believe that the dumping of huge funds determines the state of your company. Sure it does, but that is when you are headed in the right direction.
The best thing one can do is to observe the start-up carefully and pump in revenue gradually. Also, revenue should always be put aside in case your first investment fails, and the fund to kick start another one is needed.
But investors sometimes overlook this. They become impatient to observe if this investment is sure to grow in the nearest future before pouring all they got into it. Imagine putting a large sum of money into a project that can’t make its mark as a consumers’ necessity, you end up with a whole load product with really low demand.
Now there is no backup fund to try a new product that could impress your consumer base. No backup means you would be forced to fold as time goes by. Patience and keen observation are the key attributes to a successful investment.
This is the point where an entrepreneur must be most careful. At this point, it means the challenges or what is known as ‘trying times’ has hit your business enterprise. Almost all great start-ups go through such times.
This is the time your patience and ability to think outside the box are called for. At this time, an entrepreneur watches his baby (investment) go through a period of uncertainty. The mind could be buzzing with a million thoughts, confusion could also crawl its way into our head and cloud judgment. Do you know you have an investment opportunity?
If you lose your epicenter, it could lead to hastily making a wrong decision without the right calculation. Imagine going to borrow huge funds from the bank to kickstart your failing business and end up incurring a debt you can’t pay off.
Automatically, that business would belong to the bank if the loan can’t be paid back with the proper interest. In other words, you ended up giving your baby to the bank due to hasty, desperate decisions.
It is best to ignore sentiments that breed desperation when it comes to business decisions. A desperate man can be unpredictable, so it will be best to always take your time to kill this attribute when it rears its head, so as to be able to think with a clear mind.
Impatience could lead to regret as a result of short sight. When one is too impatient as to the time required to reap their desired profits, they may become short-sighted and fail to see the bigger picture. Start Building Your Potentials
It is important not to ever slip into regret when it comes to business management. Regret takes away the joy in the business owner and their business becomes more of a burden to them. Management becomes poor and new insightful ideas are locked up behind the gates of their subconscious.
The investment becomes more like an empty shell and holds no value to the investor. It is apparent to note that nobody knows the future, and living in regret does not help discover a perfect solution.
The ‘get rich quick’ mentality disrupts core business virtues. When the profit isn’t coming as expected, that business loses it’s credibility to an investor with such a mindset.
This is the major cause of regrets. They become convinced that, acquiring such assets was a bad idea in the first place, leading to the emergence of futile regrets. How do you expect to build a billion, when you call your billion-dollar idea a mistake?
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Easily give up
This is like the end of the line for such an investor. The inability to wait for the right time to reap profit finally got to them, and the decision to pack up shop and run settled in.
The beginning point in investment is usually its growing point. Revenues are not expected to be generated for spending at such a beginning phase.
Revenues acquired are mostly put back into the business to ensure growth and survival to the next level. Impatient investors fail to see it this way. To them, the investment isn’t generating the required revenues to cover their personal expenditures, therefore, it is a failure.
They do what most beaten dogs do, they tuck their tail between their legs and run as far away as possible from their business startup. These sets of investors can never see an investment in trying times.
To make a billion dollars is a pretty wonderful achievement, but it is no easy task. It takes a lot of principles to achieve this dream.
If you feel like achieving this dream at a young age, it is best to start really early, instead of rushing the idea when you are older.
To build a billion dollars is quite possible, but I can assure you that it is no easy task, jump in hastily and you will walk yourself to the gallows.